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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
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